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USLIFE INCOME FUND REPORTS OPERATING RESULTS FOR FISCAL YEAR ENDED JUNE 30, 1992; QUARTERLY DIVIDEND DECLARED

 USLIFE INCOME FUND REPORTS OPERATING RESULTS FOR FISCAL YEAR
 ENDED JUNE 30, 1992; QUARTERLY DIVIDEND DECLARED
 NEW YORK, Aug. 12 /PRNewswire/ -- USLIFE Income Fund, Inc. (NYSE: UIF), a closed-end investment company, reported today that net investment income from interest and dividends amounted to $4,986,489 or 93 cents per share, for the fiscal year ended June 30, 1992, compared to income of $5,069,944 or 95 cents in the previous fiscal year. The per share earnings are based upon the weighted average number of shares outstanding during the respective periods. Regular quarterly dividends totalling 92 cents per share were paid to shareholders during the fiscal year.
 For the twelve months ended June 30, 1992, net realized losses from securities transactions amounted to $1,067,222. During the period there was a net decrease in unrealized losses on investment securities of $6,145,291.
 The net assets of USLIFE Income Fund, Inc. totalled $52,350,836 at June 30, 1992 compared to $46,673,703 on June 30, 1991. Net asset value per share at June 30, 1992 was $9.67 compared to $8.71 on June 30, 1991.
 Quarterly Dividend Declared
 The board of directors of USLIFE Income Fund, Inc. today declared a quarterly dividend of 23 cents per share from net investment income. The dividend will be payable on Sept. 1, 1992 to shareholders of record on Aug. 24, 1992.
 USLIFE Income Fund, Inc. is managed by USLIFE Advisers, Inc., a wholly owned subsidiary of USLIFE Corporation (NYSE: USH).
 USLIFE INCOME FUND, INC.
 Condensed Comparative Results of Operations
 Twelve months ended June 30 1992 1991
 Interest and dividend income $5,632,927 $5,709,721
 Expenses 646,438 639,777
 Net investment income 4,986,489 5,069,944
 Net investment income per share .93 .95
 Other Pertinent Data:
 Net realized gain (loss)
 From securities transactions:
 Amount (1,067,222) 562,764
 Per share (.20) .10
 Net (increase) decrease in unrealized loss
 from securities transactions:
 Amount 6,145,291 (719,193)
 Per share 1.15 (.14)
 Net assets
 Total 52,350,836 46,673,703
 Per share 9.67 8.71
 Number of shares outstanding at
 end of period 5,414,072 5,356,668
 Weighted average number of shares
 outstanding during the period 5,368,412 5,356,668
 -0- 8/12/92
 /CONTACT: Richard G. Hohn, vice president and corporate secretary of USLIFE Income Fund, 212-709-6415/
 (UIF) CO: USLIFE Income Fund, Inc. ST: New York IN: FIN SU: ERN


KD-OS -- NY044 -- 6292 08/12/92 15:19 EDT
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Date:Aug 12, 1992
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